Sermaye - Enerji İkame Edilebilirliği : Türkiye İmalat Sanayi Örneği
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In this study, capital-energy substitutability is analyzed for Turkish manufacturing industry firms between 2005-2013 using firm-level micro data. To this end, a translog cost function and cost share equations are jointly estimated by the iterated seemingly unrelated regressions method. Using the estimated coefficients, Morishima and cross price elasticities for capital-energy substitution are calculated. Estimations and elasticity calculations are carried out also for subsamples defined by firm size, trade status and energy intensity. The results for the overall sample show that for an average Turkish manufacturing firm, a 1% rise in the price of energy is associated with a 0.029% increase in the demand for capital. On the other hand, according to Morishima substitution elasticity, a 1% increase in the price of energy causes the capital-energy ratio to increase by 1.245%. The results for the subsamples reveal that the cross-price elasticities increase with energy intensity while they are not affected by firm size and trade status. The findings on Morishima elasticity of substitution of capital for energy, on the other hand, show that technological substitution possibilities improve as firm size and energy intensity increase.